The Economic Outlook, May 2010

Jeffrey Lacker

Speech from Federal Reserve Bank of Richmond

Abstract: t's a pleasure to discuss the economic outlook today. Before I begin, I should mention that these are my own views and are not necessarily shared by my colleagues on the Federal Open Market Committee.1 To start with the big picture, we're in the process of recovering from a very severe recession, and despite the unique causes of the contraction, this recovery resembles many that we've seen in the past. Signs of strength are particularly notable in manufacturing, business equipment investment, and consumer spending. As with other recoveries, other segments of the economy are lagging behind the broad pickup in activity, most notably employment and construction. Inflation has remained quite moderate. The most likely scenario is for the recovery to strengthen further in coming months. That's the broad-brush view; now I would like to fill in the canvas with some details.

Date: 2010-05-06
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